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ARTICLE · 06 NOVEMBER 2023

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MICA Update: Joint ESMA And EBA Guidelines On Suitability Assessments

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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On 20 October 2023, the EBA and ESMA published a consultation paper on two sets of draft Joint Guidelines covering the suitability assessment of members of the management body...

IrelandCorporate/Commercial Law
Shane Kelleher
Shane Kelleher
Louise McNabola
Louise McNabola
John O'Connor
John O'Connor
Jane Barrett
Jane Barrett
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Jane Balfe
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On 20 October 2023, the EBA and ESMA published a consultation paper on two sets of draft Joint Guidelines covering the suitability assessment of members of the management body, and the suitability of shareholders and members with qualifying holdings of issuers of asset-referenced tokens (ARTs) and of crypto-asset service providers (CASPs) under the Markets in Crypto-Assets Regulation (MiCA).

The guidance is intended to clarify and harmonise the criteria for assessing suitability of members of the management body and of the shareholders or members with qualifying holdings of issuers of ARTs and CASPs, with the aim of reducing the risk of regulatory arbitrage in the application of these rules and promoting trust in and preserving the integrity of crypto-asset markets.

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